Miti calls for Ipef partners to develop vertical integration of supply chains
KUALA LUMPUR - The Investment, Trade and Industry Ministry (Miti) has called for all Indo-Pacific Economic Framework for Prosperity (Ipef) partner countries to work towards building vertical integration of supply chains to achieve holistic and progressive growth for all.
The call was made by Miti Deputy Minister Liew Chin Tong during the Ipef Ministerial Meeting on May 27 in Detroit, Michigan, United States.
Miti said the proposed supply chain agreement seeks to enhance the collective understanding of supply chain risks and how to manage them in order to increase the resiliency, efficiency, productivity, sustainability, transparency and inclusivity of supply chains.
"This entails, among others, the identification of critical sectors and key goods by each partner country, as well as the establishment of the relevant supply chain bodies at the Ipef-regional level to facilitate cooperation among the partners,” Miti said in a statement today.
The 14 Ipef partner countries represent 40 per cent of global gross domestic product (GDP) and 28 percent of the global goods and services trade.
Miti said the ministers were also updated on the progress on negotiations in three other Ipef pillars, namely, trade, clean economy and fair economy, focusing on steps to achieve strong tangible outcomes and benefits for all partners.
Aside from the IPEF Ministerial Meeting, Liew also led the Malaysian delegation to the 29th Apec Ministers Responsible for Trade Meeting (May 25-26) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Meeting (May 26).
During the CPTPP Ministerial Meeting hosted by New Zealand Minister for Trade and Export Growth, Damien O'Connor, Liew reiterated Malaysia’s continued support to maintain and uphold the high standards of the CPTPP Agreement.
The deputy minister also highlighted the importance of information sharing among CPTPP parties on the utilisation and benefits offered under the agreement, particularly the small and medium enterprises’ integration into the CPTPP supply chain to drive economic growth. - BERNAMA